World Bank Group Country Manager Inguana Dobraja has said that Liberia needs to train more qualified and certified public accountants to meet the growing needs of the country by strengthening, auditing and financial reporting in public and private sectors of the economy.
“Coming out of the civil war,” Madam Dobraja noted that Liberia was faced with weak audit and financial reporting and regulation regime, as well as inadequate avenues for professional training of accountants.
She stated that Liberia was faced with weak audit and financial reporting regime, as well as inadequate avenues for professional training of accountants.
She also stressed the need of providing skills required to support the private sector in fulfilling its expectations under Liberia’s Agenda for Transformation, noting that there is an urgent need to train qualified women in accounting of Liberia.
By that, it will help support and enhance knowledge transfer and help develop members of the profession in the country to meet international standards.
The World Bank Country director made these statements recently when she served as keynote speaker at the induction ceremony of new corps of officers of Liberia Institute of Certified Public Accountant (LICPA) in Monrovia.
“LICPA had just about 20 members even in 2012,” she said. “As the nation transitions from post-conflict to rebuilding the foundations for economic growth and long development, there should be a need to have a strong national professional body like yours.”
The WBG Liberia head said LICPA is indispensable for the rebuilding of Liberia’s institutional and regulatory infrastructure for auditing and financial reporting.
“We are pleased to have been a partner with the government of Liberia and the LICPA leadership in identifying this need and working jointly to chart a new path for the institute in the developmental process of this country,”
She then called on the LICPA to consider relaxing restrictions on the local market for greater participation by international firms.
Madam Dobraja indicated there is more opportunity to train qualified accountants for Liberia and that the institution should prepare its members for healthy competition at both local and international levels.
The World Bank official assured the government and LICPA officials that the bank remains fully committed to working towards the development of the accounting profession and practice in Liberia.
She further observed that LICPA’s activities have expanded beyond Liberia, noting that their (LICPA) member was presiding over the Accounting Bodies of West Africa (ABWA) and representing it in the International Federation of Accounting as well as representing West Africa on the board of the Pan African Federation of Accountants (PAFA).